Management

RESPONSIBILITIES

The Board of Directors

• Prepares and submits for approval to the General Meeting the annual report for the Company, the annual financial statement and balance sheet and draft decisions of the competence of the General Meeting; 
• Approves plans and programs for the business of the Company;
• Approves the organizational and management structure, the regulations for internal business expenses, payroll and other internal regulations of the Company; 
• Decides the formation of monetary funds and determines the procedures for their raising and spending;
• Proposes to the General Meeting an increase or a decrease of the capital, amendments and/or additions to the Articles of association, changes in the composition of the Board of Directors, dismissal or approval of a new Board.
• Decides upon the closing or transfer of subsidiaries or major parts of them, on substantial change in the Company's business, organizational changes, long-term cooperations and opening of new branches.
• Entering into credit contracts
• Conclusion of transactions resulting in the transfer or the granting for use to other parties of assets totalling more than 50% of the value of assets on the balance sheet of the Company only after the explicit authorization by the General Meeting.